Drake Trade led $2 M funding raised by Door-to-door diesel delivery provider The Fuel Delivery
The Fuel Delivery (TFD), a door-to-door diesel delivery service, has raised $2 million from Singapore-based Drake Trade and Investment Pte. Ltd.
Drake Trade will provide additional working capital facilities to TFD in addition to equity investment, according to a press release from the company. This investment is part of The Fuel Delivery’s Pre-Series A funding.
Fuel Delivery has been in business for 30 months and has raised $1 million in angel funding.
The Fuel Delivery claims to serve over 1,000 customers in 38 cities across India. The brand provides fuel to a variety of industries, including corporations and IT parks, healthcare, real estate, infrastructure development companies, banking and education institutes, warehousing, and logistics firms.
The startup primarily serves the B2B market, where businesses use diesel to run their operations. According to the company, it will soon enter the gas and EV markets, and with current investment, it also intends to expand internationally using this plug-and-play model.
Biofuel marketplace Buyofuel raised $550K in non-dilutive capital through Recur Club in June. FuelBuddy, one of the largest players in the space, raised $20 million in January this year, led by Naveen Jindal Group and others.
